Metaverse- and NFT-focused coins, such as Axie Infinity (AXS), Flow (FLOW), Apecoin (APE), and Sandbox (SAND), have had large price increases over the previous 24 hours.
Play-to-earn (P2E) gaming platform Axie Infinity’s AXS governance token increased by 25.6% in the last 24 hours, according to Coingecko, making it the biggest gainer among the top 100 cryptocurrencies.
AXS trades for approximately $8.54 and is the 46th-largest cryptocurrency with a market capitalization slightly north of $970 million at the time of writing.
Despite the heroics of today, AXS has had a difficult 2022. In November 2021, AXS lost over 94.8% of its value from its all-time high of $164.90.
According to the NFT data portal CryptoSlam, Axie Infinity’s trading volume has ranged between about $18,000 and $48,000 over the past three weeks. Metaverse News informs you about the latest news in the field of digital currencies
According to Coinglass, around $20,000 in AXS short positions were closed in the past 24 hours due to today’s bullish price activity.
The currency powering the Flow blockchain has gained more than 5.5% over the past 24 hours, according to Coingecko data, and is currently trading at roughly $1.15.
Instagram’s incorporation of Flow-based NFTs in August 2022 pushed the token’s price to $3. Since then, FLOW has experienced a decline.
Since reaching an all-time high of $42.40 in April 2021, FLOW has lost 97.3% of its value. Apecoin (APE), the Ethereum-based token established for the Bored Ape Yacht Club (BAYC) ecosystem, has likewise gained over 4% over the previous twenty-four hours and is currently trading at approximately $4.12 per Coingecko.
The daily trading volume of the 34th-largest cryptocurrency, APE, increased by 66% to $192 million over the preceding day.
SAND, the token powering the virtual real estate project The Sandbox, has risen 6.7% to $0.62 in the previous twenty-four hours, as part of the widespread NFT-based token surge.
Coingecko reports that SAND has gained roughly 9 percent during the past week. However, the bullish week has not been sufficient to recoup its annual losses. In November 2021, the price of SAND peaked at $8.40.
What is invigorating the metaverse?
The key factor driving the upward price behavior of metaverse and NFT-related tokens over the past 24 hours is the increased sales volume. According to data from CryptoSlam, the total volume of NFT sales increased by 20.75% over the past twenty-four hours to slightly over $16.5 million.
Specifically Ethereum-based NFTs saw a 31.36% increase in daily trading volumes, followed by Flow with a 16.28% increase, which presumably contributed to the token’s recent rally.
Yuga Lab’s NFT collections Otherdeed, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC) accounted for around 40 percent of the Ethereum-based NFT’s trading volume, hence assisting APE’s success.
In addition to NFTs and metaverse tokens, the top cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have gained 1.6% and 2.7% respectively over the past 24 hours. At press time, the whole cryptocurrency market is up 2%, totaling more than $906 billion.
The author’s views and opinions are for informative purposes only and do not constitute financial, investing, or other advice.
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